olivLaw · European equity research
Auction Technology Group plc ATG.L
United Kingdom · London Stock Exchange · ISIN GB00BMVQDZ64 · Vertical: Listed companies from United Kingdom
Auction Technology Group plc runs global online auction marketplaces, with revenue of nearly 190.2 million USD in fiscal 2025. The group ended the year with a pre-tax loss driven mainly by goodwill impairment, while adjusted operating cash flow remained solid.
At the close of 05 Nov 2026, Auction Technology Group plc (ATG.L) stock was 5.07 GBP (−0.30% on the day), with beta 0.55, 52-week range 2.63–5.08 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.1
- strong (55–70)
- Bollinger (20, 2)
- 4.66 – 5.04
- above the upper band · %B 1.07 · band width 7.7%
- SMA 50 / 200
- 4.58 / 3.96
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / 0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.7% | +0.4% | +8.4 pp | — |
| 3 months | +10.9% | −3.3% | +14.1 pp | — |
| 6 months | +42.6% | +4.0% | +38.6 pp | — |
| Year to date | +81.5% | +8.1% | +73.4 pp | — |
| 1 year | +62.3% | +10.7% | +51.6 pp | +5.8% |
| 3 years | −15.0% | +50.1% | −65.1 pp | +26.3% |
| 5 years | −64.0% | +43.6% | −107.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 165.9 m | 174.1 m | 190.2 m |
| Revenue YoY | unavailable | +5.0% | +9.2% |
| Net income | 20.5 m | 24.2 m | -144.6 m |
| Net income YoY | unavailable | +17.8% | −697.7% |
| Diluted EPS | 0.17 | 0.20 | -1.18 |
| Diluted EPS YoY | unavailable | +16.8% | −706.2% |
| net % | 12.4% | 13.9% | -76.0% |
| Free cash flow | 60.1 m | 57.9 m | 63.5 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 13.2 m USD
- Financial debt
- 187.2 m USD
- Net debt
- 174.0 m USD
- Equity
- 526.6 m USD
- Total assets
- 777.4 m USD
- Debt / equity
- 0.36x
- Current ratio
- 0.89x
- ROE
- -24.0%
- ROA
- -17.7%
- FCF margin
- 33.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 165.9 m | 174.1 m | 190.2 m | esef· 11 Dec 2025verified |
| Cost of revenue | 53.3 m | 56.9 m | 71.8 m | esef· 11 Dec 2025verified |
| Gross profit | 112.6 m | 117.2 m | 118.4 m | esef· 11 Dec 2025verified |
| Operating income | 27.6 m | 32.4 m | -134.2 m | esef· 11 Dec 2025verified |
| Interest expense | 19.2 m | 14.3 m | 12.3 m | esef· 11 Dec 2025verified |
| Pre-tax income | 8.7 m | 18.4 m | -145.8 m | esef· 11 Dec 2025verified |
| Income tax | -11.9 m | -5.8 m | -1.2 m | esef· 11 Dec 2025verified |
| Net income | 20.5 m | 24.2 m | -144.6 m | esef· 11 Dec 2025verified |
| Diluted EPS | 0.17 | 0.20 | -1.18 | esef· 11 Dec 2025verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.4 m | 6.8 m | 13.2 m | esef· 11 Dec 2025verified |
| Receivables | 20.0 m | 17.4 m | 19.3 m | esef· 11 Dec 2025verified |
| Current assets | 32.4 m | 25.7 m | 36.9 m | esef· 11 Dec 2025verified |
| Property, plant & equipment, net | 874.0 k | 827.0 k | 708.0 k | esef· 11 Dec 2025verified |
| Goodwill | 569.4 m | 580.8 m | 479.6 m | esef· 11 Dec 2025verified |
| Total assets | 876.5 m | 855.8 m | 777.4 m | esef· 11 Dec 2025verified |
| Short-term debt | 15.7 m | 23.0 m | 35.0 k | esef· 11 Dec 2025verified |
| Long-term debt | 132.9 m | 98.5 m | 187.2 m | esef· 11 Dec 2025verified |
| Current liabilities | 52.4 m | 41.5 m | 41.7 m | esef· 11 Dec 2025verified |
| Total liabilities | 237.7 m | 176.4 m | 250.8 m | esef· 11 Dec 2025verified |
| Equity | 638.8 m | 679.4 m | 526.6 m | esef· 11 Dec 2025verified |
| Shares outstanding at year end | 122.3 m | 122.8 m | 122.3 m | esef· 11 Dec 2025derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 60.6 m | 58.2 m | 63.8 m | esef· 11 Dec 2025verified |
| Capex | 503.0 k | 362.0 k | 311.0 k | esef· 11 Dec 2025verified |
| Free cash flow | 60.1 m ≈ | 57.9 m ≈ | 63.5 m ≈ | esef· 11 Dec 2025derived |
| Investing cash flow | -41.3 m | -10.8 m | -95.6 m | esef· 11 Dec 2025verified |
| Financing cash flow | -67.6 m | -51.1 m | 37.8 m | esef· 11 Dec 2025verified |
| Share repurchases | — | 0 | 16.5 m | esef· 11 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -15.1% | 8 (vs peers) | 38% |
| Net margin · Quality | -76.0% | 9 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -10.9x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AUCTION TECHNOLOGY GROUP PLC (ATG.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 190.2 m USD in 2025; YoY growth 9.2%; net margin -76.0%; ROE -24.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -15.1%
- Net margin: -76.0%
- Interest coverage: -10.9x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for ATG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Auction Technology Group plc runs global online auction marketplaces, with revenue of nearly 190.2 million USD in fiscal 2025 1. The group ended the year with a pre-tax loss driven mainly by goodwill impairment, while adjusted operating cash flow remained solid 1.
SWOT
Strengths
- The group has a platform model with strong operating cash flows and high conversion of EBITDA into cash.
- International presence and a diversified portfolio of online marketplaces reduce dependence on a single segment.
- Staying within the agreed debt covenant shows financial discipline and access to bank financing.
Weaknesses
- The pre-tax loss in fiscal 2025 shows how exposed results are to goodwill impairment tests.
- Heavy dependence on the US market makes revenue sensitive to that economy.
- Staff and acquisition integration costs have raised administrative expenses.
Opportunities
- Integrating Chairish could generate revenue synergies if the integration plan is delivered.
- Lower financing costs and debt reduction could free capacity for new investment.
- The circular economy model may attract buyers interested in reuse and sustainability.
Threats
- Low market valuations could lead to further impairment tests if results do not improve.
- Higher debt could limit flexibility if revenue falls below expectations.
- Exchange rate fluctuations can affect reported revenue in sterling and euro.
Risks
- Goodwill impairmenthigh
Tests based on market capitalisation produced significant accounting losses, and further impairment could follow if conditions worsen.
- Debt and covenantsmedium
The group must comply with debt covenants, and a fall in EBITDA could reduce the safety margin.
- Chairish integrationmedium
If integration does not deliver the expected synergies, exceptional costs could continue to weigh on results.
- Currency exposurelow
Revenue earned in sterling and euro is converted into dollars, so exchange rate movements can change reported results.
- US economymedium
Revenue concentration in the US market makes the group sensitive to a slowdown in demand there.
Investment thesis
What would need to be true (bull case)
- High cash conversion of EBITDA and lower financing costs could support self-funded investment.
- The Chairish acquisition extends presence in the US market, where most group revenue is earned.
- If the impairment reflects a one-off accounting effect, adjusted operating results could better reflect the group's potential.
What would break the thesis
- The large goodwill impairment shows that some acquisitions have not reached their expected value.
- Higher net debt could limit the capacity to pay dividends or make new acquisitions.
- Dependence on the US market and on exchange rates adds volatility to revenue.
What to watch
- Trend of revenue and adjusted EBITDA after the Chairish integrationnext 10-K
- Level of adjusted net debt relative to the covenant limit2026
- Any further goodwill impairment testsnext 10-K
- Adjusted operating cash conversion rate2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates online auction marketplaces and related services that facilitate resale and reuse of goods. In fiscal 2025 revenue was 190.2 million USD, of which 156.5 million USD came from the United States 1. The acquisition of Chairish, completed during the year, extended activity in the US second-hand furniture and design market 1. Adjusted EBITDA was 76.8 million USD 1.
Segments
A&A marketplace and Auction Services
The A&A marketplace and Auction Services units were tested for impairment in fiscal 2025, resulting in an impairment of 142.6 million USD for the A&A marketplace and 8.3 million USD for Auction Services 1.
Chairish
Chairish was consolidated during fiscal 2025, adding assets of 99.9 million USD and generating notable operating and integration costs, including exceptional costs of 10.2 million USD 1.
I&C
The I&C unit recorded no impairment in the fiscal 2025 test, indicating management considered its recoverable value adequate under current conditions 1.
Market context
The geographic mix shows heavy reliance on the US market, which accounts for most group revenue. Its development is therefore decisive for future results, and sensitivity to exchange rates remains relevant to reported revenue 1.
Trends
- Pressure on asset valuesheadwind
The fiscal 2025 impairment tests, based on market capitalisation and macroeconomic conditions, produced significant accounting losses, showing how sensitive asset values are to market perception 1.
- Lower cost of financingtailwind
Finance costs fell in fiscal 2025 on a lower average SOFR-based interest rate and a lower average loan balance 1.
- Higher net debt after acquisitions and buybacksheadwind
Adjusted net debt rose sharply due to the Chairish acquisition and the share repurchase programme, reducing financial headroom though the leverage ratio stayed under the agreed limit 1.
- Cash conversionmixed
Adjusted operating cash conversion rose versus the prior year on favourable working capital movements, supporting the ability to fund investment and debt service 1.
Competitive position
The company is active in online auctions and marketplaces for valuable goods, where competition comes from both general platforms and specialist auction houses. The sources provided do not name specific competitors, so the competitive view rests on the business model described in the annual report 1.
- General online auction platforms
Competition for buyer and seller attention in the online auction segment; no specific competitor is named in the sources reviewed.
- Specialist auction houses
Competition in art, antiques and collectibles sales, where traditional houses maintain seller relationships.
- Second-hand furniture marketplaces
Direct competition for the Chairish segment, where buyers and sellers can choose among several online channels.
- Goods reuse platforms
Competition in the circular economy model, where reuse of goods attracts more participants.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202511 Dec 2025
- Annual report 202418 Dec 2024
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Auction Technology Group plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.